Registered number
12334525
Optimal Vision Ltd
Filleted Accounts
31 May 2023
Optimal Vision Ltd
Registered number: 12334525
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 662,977 414,732
Current assets
Debtors 4 - 58,912
Cash at bank and in hand 15,811 141,311
15,811 200,223
Creditors: amounts falling due within one year 5 (176,111) (53,041)
Net current (liabilities)/assets (160,300) 147,182
Total assets less current liabilities 502,677 561,914
Creditors: amounts falling due after more than one year 6 (430,026) (469,578)
Provisions for liabilities (58,072) (39,012)
Net assets 14,579 53,324
Capital and reserves
Called up share capital 10 10
Profit and loss account 14,569 53,314
Shareholder's funds 14,579 53,324
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Director's responsibilities
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Amir Hossein Mani
Director
Approved by the board on 23 January 2024
Optimal Vision Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 487,919
Additions 321,909
At 31 May 2023 809,828
Depreciation
At 1 June 2022 73,187
Charge for the year 73,664
At 31 May 2023 146,851
Net book value
At 31 May 2023 662,977
At 31 May 2022 414,732
4 Debtors 2023 2022
£ £
Other debtors - 58,912
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,010 23,050
Taxation and social security costs 1,677 2,108
Other creditors 150,424 27,883
176,111 53,041
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 430,026 469,578
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 333,986 377,378
8 Related party transactions
The company paid dividends of £120,000 (2022 - £113,000) to the shareholder, Dr Mani Vision Care Limited.
9 Controlling party
The company is controlled by Dr Mani Vision Care Limited. The ultimate controlling party is the director, Mr Amir Hossein Mani, and his wife, Ms Maryam Shahid, being the shareholders of Dr Mani Vision Care Limited.
10 Other information
Optimal Vision Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7 Gower Street
London
WC1E 6HA
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